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NEW YORK TIMES AND SUNDAY TIMES BUSINESS BESTSELLER
THE GRIPPING STORY OF HOW A WORLD-CLASS MATHEMATICIAN AND FORMER CODE BREAKER MASTERED THE MARKET
When Jim Simons hired physicists, mathematicians and computer scientists to form a hedge fund, experts scoffed. These people would become some of the richest in the world, amassing piles of data and building algorithms that would find the deeply hidden patterns in global markets.
Taking the name Renaissance, the company's executives soon began exerting influence outside of the financial world. While Simons became a major figure in scientific research, education, and liberal politics, his senior executive Robert Mercer has been credited with Trump's victorious presidential candidacy and helping steer the UK towards Brexit.
Drawing on unprecedented access to Simons and dozens of his employees, Zuckerman, a veteran Wall Street Journal investigative reporter, paints a portrait of a modern-day Midas who remade markets in his own image, but failed to anticipate how his success would impact his firm, his country and the world.
SHORTLISTED FOR THE FT & MCKINSEY BUSINESS BOOK OF THE YEAR
'Reads more like a delicious page-turning novel' Bloomberg
'A compelling read' Economist
'Captivating' New York Times book review
A gripping biography of investment game changer Jim Simons arrives from journalist Zuckerman (The Greatest Trade Ever). With little experience in business before he started trading at age 40, Simons made for an unlikely innovator. Nonetheless, this book reveals, Simons created the "greatest money-making machine in financial history" with his company, Renaissance Technologies, founded in 1982, and particularly with the firm's flagship Medallion hedge fund, founded in 1988. Showing a flair for the surprising and dramatic statement, Zuckerman proposes that Simons eclipses the more famous likes of Warren Buffett and George Soros as "arguably the most successful trader in the history of modern finance," with a net worth of about $23 billion. A theoretical mathematician and former math professor, he was the first to take a mathematical, data-driven approach to investing. Gambling that computers using predictive mathematical models could beat human judgment, he won, and changed the industry. Zuckerman skillfully recounts Simons's backstory his comfortable childhood in Newton, Mass.; his time spent crafting code-breaking algorithms for the National Security Agency during the 1960s the salient details of his revolutionary work, and his failures as well as his successes. With a potential recession looming, readers looking to understand how the economy got where it is should eat this up.